Archive for April, 2009
Tuesday, April 14th, 2009
The level of activity in the Treasury market today is significantly greater than that which was observed yesterday.
Momentarily the Federal Reserve will purchase the 4 year through 7 year sector. They have excluded the current 5 year note from the list. One salesman suggested that it is off the list ...
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Tuesday, April 14th, 2009
Corporate Bond spreads are unchanged today but maintain a very firm tone.
There is some new issue activity today in contrasst to yesterday when the pipeline was shut.
Rio Tinto Finance is offering benchmark 5 year and 10 year paper.HCA is offering $500 million 10 years.
I do not have price talk on ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Tuesday, April 14th, 2009
Swap spreads are unchanged from closing levels except in the 30 year which is 2 basis points tighter at NEGATIVE 30.
Agency spreads are unchanged except in the 10 year sectr which is a basis point wider.
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Tuesday, April 14th, 2009
- 5yr Snr Bank CDS: BAC 275/285 (+5), CITI 575/595 (+5), JPM 167/177 (unch), WFC 230/240 (-5)
- 5yr Snr Broker CDS: GS 210/220 (unch), MS 310/320 (unch)
- CDS Index: IG12 173/174.5 (+1.5)
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Tuesday, April 14th, 2009
Federal Reserve Bank of Dallas President Fisher is on the tape ( there was a tape once and old habits die hard) and he had an interesting adjective to describe the economy's contraction in Q1. He described the contraction as "dazzling".
He also spoke about the "symbiosis" between the US ...
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Tuesday, April 14th, 2009
Prices of Treasury coupon securities are manifesting small mixed and seemingly random changes in overnight trading. This continues the stultifying price action of yesterday in which (according to RBS Securities) volume was the lowest since January 2 and volume was just 58 percent of the 10 day moving average. So ...
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Monday, April 13th, 2009
Prices of Treasury coupon securities surged today as a combination of Federal Reserve interventions and a hiatus from auction supply combined to push prices higher. Additionally the market was rather thin and t and amidst the illiquidity the market was easy to muscle.
The yield on the 2 year note declined ...
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Monday, April 13th, 2009
Agency Spreads are three basis points tighter across the curve. As in other fixed income sectors the level of activity here was rather subdued. (The trader who helped me out today noted that parochial schools on Long Island are closed this week as are parochial schools and public schools in ...
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Monday, April 13th, 2009
Swap spreads are for the most part wider across the curve. The one exception I will deliver first and it is the 30 year sector which is 1/4 basis point tighter at Negative 27 1/2.
Two year spreads are 2 basis points wider at 58 1/4. Three year spreads are 2 ...
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Monday, April 13th, 2009
The market maintains the firm tone extantat at the end of the prior week even as stocks decline. There is no new issuance as we are in the heart of earnings season and that keeps issuers from the market.
Spreads are about a nickel tighter. One salesman reported interest in yieldy ...
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